The problem is this, she sitting right smack dab in the middle of a historic district in Dallas, TX called Winnetka Heights.

The city ordinance limit student houses to up to 5 unrelated tenants...and the housing stock is typically +100 years old with lot coverage and bldg height that typically exceed what is allowed by current zoning (for example: the house I have there cover 47% of the lot while zoning allows 35%).

Pretty much every condo building in DC restricts short term rentals.

My experience in Rochester NY (I live in SF Bay Area) mirrors Caleb's in many respects other than the fact that I stayed in for about 10 years and at my height owned 6 city duplexes and a few suburban SFR's.Lessons learned from my perspective:(1) Do not discount basic things like weather. 

I don't want to get into something that can come back to bite me.....fines, violations, restrictions on future improvements needing permits....many possibilities for repercussions. 

Also you don't know what you don't know so if you don't have a thorough understanding of where to look for new housing laws and restrictions that maybe a bigger liability than paying an expert.

I buy the Drake elongated chair height from Lowe's. 

You can do sooner with delayed financing if you paid cash - with the restriction of pulling out a max of the purchase price plus closing costs prior to 6 months.

I'm paying not too much more than this for a 2 bed out in NW Forest Heights which makes me wonder how much room for rental increases there is in the immediate term. 

I noticed last time I renewed my tenants' leases (MA) that there's a new clause in the BP-provided form about cannabis usage, with some really draconian-sounding restrictions on it (text below).